Data Communications Management (DCM-T)

Small player in packaging, did large acquisition last year. Growing quickly. Very cheap. If you need to own something in the space, look at this name.

Owns shares in this business. Printing business that has been around for a long time. Did some M&A about 1 year ago that is going well. Business has doubled the past year. Printing business is not a growth industry - but digital asset management business growing. Good for a short term trade - not a long term hold. 

It did a transformational acquisition of a large U.S. player a year ago and this doubled the size of the business. Going forward there could be some one time costs. It is a fantastic business which is well run. It is not in a high growth area but will be a dominant player going forward.

He bought it after their last deal, which doubled the size of their business. It will take six quarters before we see the company is like after that deal. meanwhile, margins will probably expand. New management team is fantastic. Long term will easily double or triple over 3-4 years.

Used to own shares, but has since sold.
Traditional print company - moving towards digital business model.
Very strong customer relationships.
High debt levels a concern. 

These results were mostly pre-released in February and our comments in the link still apply. 
Debt is going down, growth has accelerated and it is becoming highly profitable. 
It took a while, but the highly committed management team (which we like) is starting to put things together nicely here and the new acquisition should keep momentum going in the medium term.  
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In addition to the recent acquisition, which investors seem to love, the company came out with preliminary numbers for 2022. 
Sales rose 15%+, EBITDA rose 41%+ and more important debt declined 35%. 
The management team (33% ownership) has done a very good job improving profitability during a rough macro environment. 
This is still a management bet here. 
But they have made us lots of money on past ventures (when we could buy Canadian stocks) and we would still be OK investing with them, for very high risk investors (it is still a small company with lots of debt). 
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This is a small company that he has focused on as a Top Pick in the past. The turnaround for the company is definitely taking traction now. They recently did an acquisition that will take it into better opportunities. He thinks this stock could get to $3-$5.

(A Top Pick March 29/17, Down 27%) He still owns it. It is a turnaround story that is taking longer than he would have liked. They are transitioning their business away from print. Their financial results have really turned. They are extremely undervalued. The market has not picked up on this turnaround. He looks for good things this year.

It has turned the corner. The stock price still does not reflect the opportunities and financials. They have a fair amount of debt to pay down. They are extremely undervalued. As long as they continue to execute this turnaround, it could easily be in the $2.50 to $3 range.

(A Top Pick Oct 20/16, Down 74%) This is a turnaround story. The chart is ugly and he was early. Print ad mail is in decline. They are getting into the large print type world like the ads on the side of busses. He thinks their upside is tremendous.

(A Top Pick Aug 19/16. Down 68%.) Still believes in this and is adding to his holdings at these levels. A turnaround story. Management has guided towards EBITDA of $18-$20 million for 2017. Where can you find a company with a market cap of about $25 million that has $275 million of revenue with an EBITDA of in the $18-$20 million range trading at a valuation of $25 million? Extremely undervalued. Thinks this could get up to the $3-$4 range if they are able to execute. They’ve shown indications of becoming consolidators in the industry. If they are able to pick up some assets for a reasonable price and achieve some economies of scale, they could be even greater than that.